Netflix members hit 69M

WASHINGTON, D.C.: Streaming television giant Netflix said on Wednesday (Thursday in Manila) its global membership grew to 69.17 million as it gears for further expansion.

But Netflix’s quarterly update, with results which fell short of most forecasts, pulled its shares down heavily in after-hours trade.

Shares slid 6.9 percent to $110.23 in electronic trades following the results.

Netflix said it added 3.6 million customers over the past three months as it readies launches next week for Spain, Italy and Portugal, and predicted it would end the year with 74 million.

Netflix, now available in more than 50 countries, has announced it would launch soon in South Korea, Singapore, Hong Kong and Taiwan, and has an ambitious goal of being in 200 markets in the coming years.

The US giant first made its debut in Asia earlier this year launching service in Japan.

“We remain on track to become global by the end of 2016,” said a quarterly letter from chief executive Reed Hastings and finance chief David Wells.
AFP